- Contractors License Bonds
- Contract Bonds
- Bond FAQ
- About CSIA
Most contractors will qualify for the New Mexico contractor’s license bond rates in the table. However, if you have had problems with your credit in the past and would like a firm quote for your New Mexico contractor’s bond, click the “Get a Quote” link above and fill out our online application. Or for an offline quote on your NM contractor’s license bond, download an application and either fax or mail it back to us. An agent will contact you within 24 hours of receiving your request to let you know what your quote is.
What exactly is a New Mexico contractor’s license bond?
In the state of New Mexico all licensed contractors must provide proof of financial responsibility in the amount of $10,000 underwritten by a surety company authorized for business transactions in New Mexico. If the contractor does not comply with the conditions of New Mexico contractor license law, a claim can be filed against the NM contractor’s bond with the surety company.
Claims against a surety company may be filed by homeowners, employees damaged by the contractor’s failure to pay wages, an express fund damaged as a result of the contractor’s failure to pay fringe benefits to eligible employees, or any other person damaged by a willful and deliberate violation of a construction contract.
Once a contractor has their New Mexico contractor’s license bond, the original bond must be filed with the State of New Mexico’s Regulation and Licensing Department. The State of New Mexico will not accept emailed or faxed copies of the New Mexico contractor’s bond, and it must be filed within 30 days of the effective date. Once filed with the State of New Mexico, the NM contractor’s license bond will remain in effect until cancelled by the surety company or principal.